It cut India’s economic growth forecast amid the effects of tightening monetary conditions on demand, but retained inflation projections while warning that lower farm output could push prices higher. The global economy is in the eye of a new storm.”The repo rate now stands 50 basis points higher at 5.9%, with other rates going up by the same magnitude. An ET poll of economists and investors had pegged the rate increase at 50 bps. Central banks across the world are sending divergent signals with the Bank of England taking U-turn in monetary tightening after long-term yields spiked astronomically. Consumer price index (CPI) inflation for the first quarter of FY24 is projected at 5.0%, it said.

Source: Economic Times October 01, 2022 17:00 UTC